Baron wrote in an email on Thursday night to CNBC's Becky Quick that he doesn't "think turbulence will last." He blamed computer trading and persistent fear among traders who "remember [the U.S.] almost had [a] Depression five years ago."

The chairman and CEO of Baron Capital said America "narrowly escaped" an economic catastrophe due to the "brilliance of Bernanke" during and after the financial crisis.

The Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) dropped 3.66 percent Wednesday and Thursday after the Fed chairman said policymakers could scale back the central bank's $85-billion-a-month bond-buying program later this year if the economy continues to improve.

"Over the long term, I think the stock market is going to grow 7 percent a year," about the same rate as the overall economy, not adjusting for inflation, he had said, adding this has been the norm for generations and he doesn't see that changing.